IndiGo co-founder Gangwal to sell airline shares worth $450 million: report
Rakesh Gangwal, co-founder of Indian airline IndiGo, will sell a stake of up to 3.3%, worth 37.3 billion rupees ($451 million), in operator Interglobe Aviation through a block deal, news channel CNBC-TV18 reported Thursday based on sources. .
The floor price for the block deal has been set at Rs 2,925 per share, the report said, which is a discount of 5.8% to Interglobe’s closing price on Thursday.
IndiGo did not immediately respond to a Reuters request for comment.
CNBC-TV18 did not announce when the block deal would take place.
According to the latest available stock market data, Gangwal has an 11.72% stake in the airline that he co-founded with Rahul Bhatia in 2006.
Gangwal and his wife, Rekha Gangwal, have reduced their equity stake in the company over the past year, with the latter leaving the company completely last August.
Their Chinkerpoo Family Trust still holds a 13.49% stake in Interglobe and is the company’s largest shareholder after Bhatia’s Interglobe Enterprises.
(Only the headline and image of this report may have been reworked by Business Standard staff; the rest of the content is automatically generated from a syndicated feed.)
First print: March 7, 2024 | 11:20 PM IST